Reuters - Goldman to unveil trading turnaround plans

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Goldman Sachs Group will detail plans to turn around performance at its core bond-trading unit next month after unusual pressure from large investors frustrated by vague explanations of its troubles, people familiar with the matter told Reuters.

Reuters reports that the move is a break from tradition at Wall Street’s pre-eminent bank, which usually gives its investors little information about how it makes money.

That was the case last month, when Goldman reported a stunning 40% decline in bond-trading revenue, much worse than rivals like Morgan Stanley and JPMorgan Chase.

Goldman Chief Financial Officer Marty Chavez said Goldman had trouble “navigating” the markets during a conference call to discuss second-quarter results on July 18, but did not offer specifics.

That, and his vagueness over the causes of Goldman’s problems, unsettled some investors.

Hit the link below to access the complete Reuters article:

Under investor pressure, Goldman to explain trading strategy

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